During former FAM President Bassam Adeel Jaleel’s tenure, FAM signed agreements valued at approximately USD 50 million with K-Park subsidiaries.
Football Association of Maldives (FAM) is entangled in binding agreements with subsidiaries of K-Park, a company accused of fraud in the development and sale of luxury apartments in Hulhumale’.
During former FAM President Bassam Adeel Jaleel’s tenure, FAM signed agreements valued at approximately USD 50 million with K-Park subsidiaries.
Among them, the court has mandated K-Park to pay over MVR 52 million to Tquin Construction Co. Ltd. for failing to fulfill the contract for a football stadium and school in Hulhumale’.
FAM also signed a USD 17 million deal with Sky Wind Global, another K-Park subsidiary, to construct a 20-storey office building and a four-storey indoor football arena at the Maafannu Stadium.
However, after relocating from FAM House to facilitate construction, FAM rented office space elsewhere but failed to maintain regular rent payments. Additionally, the National Football School building remained unused, and FAM ultimately lost the land due to unpaid rent.
A former senior FAM official stated that agreements were made based on assurances from K-Park Residencies Director Hassan Mamdhooh, K-Park’s Maldivian shareholder, without verifying the companies’ registration status in the Maldives.
As a result, FAM currently owes K-Park more than MVR 150 million and faces severe financial strain.
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